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Bills to end mandatory arbitration introduced in House, Senate
The Securities Industry and Financial Markets Association opposes the bill, saying arbitration 'promotes fair, efficient, and economical dispute resolution for all parties.'
Interactive Brokers, Schwab plan to fight $4.6 million arbitration award
The companies are concerned about bias on the arbitration panel. But an attorney for the claimants said the two failed to warn investors of red flags detected in their accounts.
Gensler quizzed on climate disclosure, mandatory arbitration in confirmation hearing
The focus on the climate and finance at the hearing likely was a harbinger of the priority the SEC will place on environmental, social and governance investing under Gensler. But Reg BI was ignored.
Warren presses Finra to review whether forced arbitration harms Robinhood customers
'Investors harmed by Robinhood’s trading restrictions should be able to argue their case in court, rather than in closed-door proceedings that are too often rigged against claimants,' Warren wrote in a letter to Finra CEO Robert W. Cook.
Finra arbitrators order J.P. Morgan, former brokers to pay $19 million
A retailing matriarch won the decision against her grandsons, who invested her money in complex products. J.P. Morgan and the grandsons were also found liable for elder abuse under Florida law.
In first, B-D that sold GPB private placements loses arbitration
The first investor arbitration claims involving the products have been decided over the past few months, but the claim against Arete Wealth Management appears to be the first substantial win for investors against a broker-dealer.
Morgan Stanley loses appeal of $3.3 million award
The U.S. Court of Appeals affirms an earlier ruling against Morgan Stanley in a case regarding the sale of Puerto Rico bonds
Wells Fargo loses defamation fight to fired broker
Amy Webster was a former bank broker for Wells Fargo Advisors for 13 years and claims the company made 'defamatory' remarks on her Form U5
Finra denies J.P. Morgan effort to clamp down on breakaway brokers
Arbitrators also rebuffed brokers’ counterclaims of defamation and unfair competition
Finra proposal to tighten expungement process heads to SEC
The rule would establish a special roster of arbitrators for expungement and set deadlines for requests
Some lawyers warming up to virtual Finra arbitration hearings
New statistics from regulator show slow pick-up, but concerns remain over use of Zoom
Court upholding $6 million award against Credit Suisse could bolster clawbacks
Arbitration lawyer says decision sends signal to ‘Wall Street bullies’; Credit Suisse points to wins in other cases
401(k) arbitration agreements still not mandatory
Sponsors have interest in adding them to their retirement plan documents, but the courts are up in the air, lawyers said
Finra expels broker-dealer, but owner explores an appeal
Sandlapper Securities may have some fight left, says CEO Trevor Gordon
SEC approves Finra rule setting minimum fee for expungement requests
New floor of about $8,300 is meant to end the ‘$1 trick’ for brokers seeking quick clearing of records
Finra changes membership process to curb the ability to sidestep arbitration awards
New rules target brokers with pending claims that are switching firms or trying to transfer assets
Industry arbitration claims spike as coronavirus disruptions continue
Promissory note cases lead the way, signaling potential ‘employment upheaval’
Finra extends postponement of in-person arbitration hearings through July 31
Zoom and telephonic hearings can be requested by parties or mandated by arbitrators
Lawyers slow to embrace Zoom for Finra arbitration hearings
In-person sessions, suspended during the pandemic, allow for better presentation of evidence and arguments, they say
Finra slashes mediation fees in response to coronavirus shutdown
Mediators will work remotely for $100 an hour; so far, 85 agree to participate
